In the matter of QSmart Securities Pty Ltd [2021] NSWSC 1687

Supreme Court New South Wales

Medium Neutral Citation: In the matter of QSmart Securities Pty Ltd [2021] NSWSC 1687 Hearing dates: 16 December 2021 Date of orders: 16 December 2021 Decision date: 16 December 2021 Jurisdiction: Equity - Corporations List Before: Black J Decision: Company wound up in insolvency. Liquidator appointed. Defendant to pay the costs of the Plaintiff and supporting creditors. Catchwords: CORPORATIONS — Winding up — Statutory demand — Failure to comply with statutory demand — Where presumption of insolvency that arose from failure to comply with statutory demand not rebutted. CORPORATIONS — Winding up — Statutory demand — Whether to exercise discretion to stay winding up — Where company submits it will recover funds in near future — Where that was not established on the evidence. Legislation Cited: - Corporations Act 2001 (Cth), ss 467 Cases Cited: - Australian Securities and Investments Commissions v Lanepoint Enterprises Pty Ltd (recs and mgrs appointed) (2011) 244 CLR 1; [2011] HCA 18 - Lechmere Financial Corp v Aspermount Ltd [2003] FCA 1138 - TS Recoveries Pty Ltd v Sea-Slip Marinas (Aust) Pty Ltd [2007] NSWSC 1410 Category: Principal judgment Parties: G.W. Wulff Nominees Pty Ltd (as Trustee for Wulff Retirement Fund) (Plaintiff) QSmart Securities Pty Ltd (Defendant) Representation: Counsel: J Entwisle (Plaintiff) N Li (Defendant) J. Shandil (Supporting Creditor)

Solicitors: Floyd Robichaux (Plaintiff) Pagin + Mak Lawyers (Defendant) Indus Lawyers (Supporting Creditor) File Number(s): 2021/249894